Why analysts aren't greatly impressed by SingTel's "so-so" 3Q14 income

Digital Life losses are worsening.

According to Maybank Kim Eng, SingTel’s 3QFY3/14 net profit rose 5.5% YoY but fell 1.5% QoQ to SGD873m. Net of exceptional charges, underlying net profit rose by 4% YoY and 3% QoQ to SGD910m.

Here's more from Maybank Kim Eng:

The exceptional charges of SGD37m included SingTel’s share of Bharti’s exceptional tax charge of SGD17m, its share of Globe’s accelerated depreciation of SGD8m and an investment impairment charge of SGD14m by SingTel’s venture capital arm Innov8.

EBITDA margin rose 2ppts to 29.6%, mainly driven by better margins in Australia.

Not altogether bad but not great either. It was a decent quarter for SingTel as it was able to grow its PATMI despite the weakness of the Indonesian rupiah and Australian dollar. Most of the increase in the bottom line came from mobile and pay TV growth in Singapore, higher voice rates for Bharti Airtel (EBIT up a strong 36% YoY even after a 12% fall in the Indian rupee) and strong cost control in Australia. Digital Life losses continued to widen, biting off almost 3% from group EBITDA.

If you've been wondering whether SBR could work for your company — yes, probably.

A lot of the companies we partner with started as readers. They'd been following our coverage for a while, saw their own customers and competitors in it, and eventually asked the obvious question: could we do something with you? The answer is usually yes. The shape of it depends on what you're trying to do.

The options are broader than most people assume — thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. Some partners use one channel; most use a mix. We figure out the right combination by starting with your brief, not with our rate card.

So if the question has been on your mind, here's the easy way to ask it.

We'll tell you honestly whether we can help, and how. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia